UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  FORM 10-QSB  (Mark One)  [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the quarterly period ended September 30, 2007  [   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the transition period from _____ to _______  Commission file number: 000-30065  INTREPID TECHNOLOGY & RESOURCES, INC., AND SUBSIDIARIES (Exact name of registrant as specified in its charter)  Idaho82-0230842(State or other jurisdiction of
incorporation or organization)(IRS Employer
Identification No.)  501 West Broadway, Suite 200, 
Idaho Falls, Idaho 82304 (Address of principal executive offices)  (208) 529-5337 
(Issuer's telephone number)  Idaho  (State or other jurisdiction of incorporation or organization) Registrant's telephone number, including area code:  Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes X No __  State the number of shares outstanding of each of the issuer's classes of common equity, as of the last practicable date:  246,773,820 shares of common stock, $0.005 par value per share, as of November 12, 2007.  Transitional Small Business Disclosure Format (check one): Yes __ No X    TABLE OF CONTENTS  Part I - FINANCIAL INFORMATION  Item1.Financial StatementsConsolidated Balance Sheets.............3Unaudited Consolidated Statements of Operations....4Unaudited Consolidated Statements of Cash Flows...5Notes to Unaudited Consolidated Financial Statements.....6  Item2.Managements Discussion and Analysis10Results of Operations..10Capital Resources and Liquidity.....13Item3.Controls and Procedures.....15  Part II - OTHER INFORMATION  Item1.Legal Proceedings...16Item2.Changes in Securities..16Item3.Defaults Upon Senior Securities.16Item4.Submission of Matters to a Vote of Security Holders16Item5.Other Information...16Item6.Exhibits. .16Signature Page................................17  2   PART I.  FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS INTREPID TECHNOLOGY AND RESOURCES, INC.CONSOLIDATED BALANCE SHEETSSeptember 30June 3020072007ASSETS(Unaudited)(Audited)Current assets:Cash$491,788$1,414,831Restricted cash649,3281,003,290Accounts receivable, net26,66718,546Inventories29,15224,647Prepaid expenses5,11111,483Other assets3,3803,380Total current assets1,205,4262,476,177Property, plant, and equipment, net11,249,65510,354,972Debt issuance costs, net1,330,5481,379,157Restricted cash764,000764,000Other assets42,30042,300Total assets$14,591,929$15,016,606LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable$1,950,711$1,866,109Accrued expenses833,247621,337Total current liabilities2,783,9582,487,446Long-term liabilities:Accrued interest payable149,30169,904Long-term debt8,423,4778,149,163Embedded derivative liability2,662,7983,073,004Total long-term liabilities11,235,57611,292,071Total liabilities14,019,53413,779,517Commitments and contingenciesStockholders' equity:Preferred stock, $1 par value; 5,000,000 sharesauthorized, no shares issued and outstanding.--Common stock, $.005 par value; 350,000,000 sharesauthorized, 245,129,972 and 244,482,281 sharesissued and outstanding respectively.1,225,6501,222,411Additional paid-in capital9,823,0829,795,321Stock subscription receivable(16,200)(16,200)Accumulated deficit(10,460,137)(9,764,443)Total stockholders' equity572,3951,237,089Total liabilities and stockholders' equity$14,591,929$15,016,606The accompanying notes are an integral part of these financial statements.  3    INTREPID TECHNOLOGY AND RESOURCES, INC.UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONSThree Months Ended September 30, 2007 and 200620072006Revenues, net$25,976$149,253Costs of revenues425,32861,283Gross profit (loss)(399,352)87,970Operating expenses:General and administrative199,387342,773Research and development-45,097Loss from operations(598,739)(299,900)Other income (expense):Interest income21,1154,010Interest expense(528,276)(4)Gain on embedded derivative liability, net410,206-Loss before provision forincome taxes(695,694)(295,894)Provision for income taxes--Net loss$(695,694)$(295,894)Net loss per common share - basic and diluted$(0.00)$(0.00)Weighted average common shares - basic and diluted245,077,000238,246,000The accompanying notes are an integral part of these financial statements.   4    INTREPID TECHNOLOGY AND RESOURCES, INC.UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWSThree Months Ended September 30, 2007 and 200620072006Cash flows from operating activities:Net loss$(695,694)$(295,894)Adjustments to reconcile net loss to net cash used inoperating activities:Stock compensation expense31,00031,000Depreciation93,43815,724Amortization of debt issuance costs67,088-Accretion-debenture interest expense274,314-Gain on embedded derivative liability(410,206)-Accounts receivable(8,121)12,970Inventory(4,505)-Prepaid expenses6,3727,763Other assets-300Increase (decrease) in:Accounts payable125,17437,197Accrued expenses224,9411,638Net cash used in operating activities(296,199)(189,302)Cash flows from investing activities:Purchases of property and equipment(216,518)(487,455)Reduction of A/P for purchases of P&E(657,638)-Net cash used in investing activities(874,156)(487,455)Cash flows from financing activities:Payments on note payable-(225,000)Increase in debt issuance costs(5,491)(26,739)Reduction of A/P for increases in debt issuance costs(101,159)-Issuance of common stock-472,125Common stock offering costs-(24,500)Net cash provided by (used in) financing activities(106,650)195,886Net decrease in cash(1,277,005)(480,871)Cash, beginning of period3,182,121716,203Cash, end of period$1,905,116$235,332The accompanying notes are an integral part of these financial statements.   5   INTREPID TECHNOLOGY AND RESOURCES, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS September 30, 2007    Note 1 - Summary of Significant Accounting Policies  Basis of Presentation  The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial information and with instructions to Form 10-QSB of Regulation S-B. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from estimates. In the opinion of management, all adjustments, which consist of normal and recurring adjustments necessary for fair presentation, have been included. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's 2007 Annual Report on Form 10-KSB for the year ended June 30, 2007, as filed with the Securities and Exchange Commission.  Stock-Based Compensation  The Company has stock-based employee compensation plans, which authorize the grant of stock options to eligible employees and directors. Effective July 1, 2006, the Company adopted Statement of Financial Accounting Standards (SFAS) 123R, Share-Based Payment, using the modified prospective method. The statement requires the Company to recognize compensation cost based on the grant date fair value of options granted to employees and directors. There were no option grants during the quarters ended September 30, 2007 and 2006. Prior to July 1, 2006, the Company accounted for its stock-based employee compensation plans under the recognition and measurement principles of APB Opinion 25, Accounting for Stock Issued to Employees, and related Interpretations, and had adopted the disclosure-only provisions of SFAS 123, Accounting for Stock-Based Compensation. Accordingly, no compensation cost was recognized in the financial statements prior to 2007 for options granted to employees, as all options granted under those plans had exercise prices equal to or greater than the market value of the underlying common stock on the date of grant.  Principles of Consolidation  The consolidated financial statements include the accounts of Intrepid Technology and Resources, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated.   Note 2  Going Concern  As of September 30, 2007, the Company has incurred a loss and has an accumulated deficit. These factors raise substantial doubt about the Companys ability to continue as a going concern.  The Company has partially mitigated the going concern as a result of obtaining bond financing for the construction of its plant and equipment and entering into an agreement with YA Global Investments, L.P.   6    Note 3  Restricted Cash  Cash restricted in accordance with bond covenants is as follows:  September 30June 3020072007Undistributed funds held for construction costs$14,636$-Debt service reserve764,000764,000Interest coverage reserve278,290278,290Operating coverage reserve356,402725,0001,413,3281,767,290Less current portion(649,328)(1,003,290)$764,000$764,000   Note 4  Long-term Debt  Long-term debt consists of the following:  September 30June 3020072007Solid Waste Disposal Revenue Bonds issued through the Industrial Development Corporation of Gooding County, Idaho. The bonds total $7,640,000, accrue interest at 7.5%, are secured by all assets of ITR Biogas, LLC, and are due on November 1, 2024.$7,640,000$7,640,000Convertible debenture payable to YA Global Investors, L.P. of $3,500,000 bearing interest at 9% due on May 22, 2010, net of warrants discount of $540,222 and $594,722, respectively, and embedded derivative discount of $2,176,301 and $2,396,115, respectively.783,477509,1638,423,4778,149,163Less current portion of long-term debt--$8,423,477$8,149,163   7    Note 5  Convertible Debenture, Warrant, and Embedded Derivative to YA Global Investments, L.P. (FKA Cornell Capital Partners, L.P.)  Accretion expense related to the Warrant discount and the embedded derivative discount at September 30, 2007 is as follows:  2007Warrant$54,500Embedded derivatives219,814$274,314  The embedded derivative liability consists of the following:  2007Fair value at June 30, 2007$3,073,004Less gain on period end revaluation(410,206)$2,662,798   Note 6 - Supplemental Cash Flow Information  Actual amounts paid for interest and income taxes for the three months ended September 30, 2007 and 2006, are approximately as follows:  20072006Interest$10,662$5,568Income taxes--  During the three months ended September 30, 2007, the Company:  · Acquired property, plant, and equipment in exchange for an increase in accounts payable of $705,237. · Increased capitalized debt issuance cost in exchange for an increase in accounts payable of $12,988. · Capitalized accrued interest of $66,366. During the three months ended September 30, 2006, the Company:  · Reclassified $57,000 of prepaid expense to property, plant, and equipment. · Acquired property, plant, and equipment in exchange for an increase in the note payable of $415,482.   8   Note 7  Recent Accounting Pronouncements  In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxesan interpretation of FASB Statement No. 109. This statement clarifies the accounting for uncertainty in income tax positions. The Company has filed income tax returns in the U.S. federal jurisdiction and in states in which it operates. The Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for fiscal years beginning prior to July 1, 2003.  The Company adopted the provisions of FIN 48 on July 1, 2007. The Company did not make any adjustment to opening retained earnings as a result of the implementation. The Company recognizes interest accrued related to unrecognized tax benefits along with penalties in operating expenses. During the quarters ended September 30, 2007 and 2006, the Company did not recognize any interest and penalties relating to income taxes. The Company did not have any accrual for the payment of interest and penalties at September 30, 2007.    9    ITEM 2.     MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS  The following discussion contains forward-looking statements that involve known and unknown risks and uncertainties which may cause actual results in future periods to differ materially from those indicated herein as a result of a number of factors, including, but not limited to, those set forth under Legal Proceedings, and the discussion below.  When the Company uses words like "may," "believes," "expects," "anticipates," "should," "estimate," "project," "plan," their opposites and similar expressions, the Company is making forward-looking statements. These expressions are most often used in statements relating to business plans, strategies, anticipated benefits or projections about the anticipated revenues, earnings or other aspects of our operating results. We make these statements in an effort to keep stockholders and the public informed about our business and have based them on our current expectations about future events. Such statements should be viewed with caution. These statements are not guarantees of future performance or events. As noted elsewhere in this report, all phases of our business are subject to uncertainties, risks and other influences, many of which the Company has no control over. Additionally, any of these factors, either alone or taken together, could have a material adverse effect on the Company and could change whether any forward-looking statement ultimately turns out to be true. The Company undertakes no obligation to publicly release updates or revisions to these statements.  The following discussion should be read in conjunction with audited consolidated financial statements and the notes filed thereto on Form 10-KSB with the U.S. Securities and Exchange Commission for the year ending June 30, 2007.   RESULTS OF OPERATIONS  Revenue  Revenue for the quarter ended September 30, 2007, decreased 83% to $25,976 compared to $149,253 for the same period in 2006.  This decrease was mainly the result of decreased sales of contracted work for others over the corresponding periods of one year ago. The quarter ending September 30, 2006 also included a $50,000 grant from the Idaho Department of Water Resources.  The Companys first biogas plant in Rupert, Idaho, is producing 99+% purity natural gas on a consistent basis; and the independent, third party gas testing phase will be complete in December.  The second plant in Wendell, Idaho, is in the start-up phase and will produce gas of the same quality and approximately 30% more volume than the Rupert facility. The Company has a 15-year Supply and Purchase Agreement in place with the local gas utility for the balance of gas being produced at the plants.  The utility is currently making necessary arrangements to receive this gas into their distribution system for commercial sale.  Direct Operating Costs  Direct operating costs for the three months ending September 30, 2007 and 2006, were $425,328 and $61,283, respectively.  The direct operating costs increased due to costs for operating the Company-owned plants.  Revenue and operating costs will both increase (though operating costs will decrease as a percentage of revenue) once the Company is able to start consistent delivery of gas, horticultural fiber, and carbon offset credits to the marketplace.   Gas sales revenues should start in the 2nd fiscal quarter of FYE 2008 with the completion of the mandatory, independent third party quality acceptance testing; and should significantly increase during the 3rd quarter as the second production plant achieves full production capacity.  Gross Profit  The Company had a gross profit (loss) of ($399,352) for the quarter ended September 30, 2007, compared to a gain of $87,970 the prior year.  The decrease in gross profit resulted from the direct operating costs associated with start-up of Company-owned production plants without corresponding revenues.  General and Administrative and Research and Development Expenses  General and administrative (G&A) and Research and Development expenses were $199,387 and $387,870 for the quarters ending September 30, 2007 and 2006, respectively.  10    Over the last two fiscal years, the Company incurred large costs for the construction, start-up, and operations of the Companys Whitesides Biogas Plant; and over the last fiscal year for the design, permitting, and construction of the new WestPoint Biogas Plant.  Only those costs allowed by generally accepted accounting principles have been capitalized in that effort.  All other costs have been expensed for establishing the biogas business operating plan, including research in the biofuels markets, development of operations, maintenance procedures, process improvement measures, and seeking investment capital and source financing. Research and development costs have reduced significantly as we have shifted from R&D and construction to plant operations.  Interest Income  For the quarters ended September 30, 2007 and 2006, the Company received interest income of $21,115 and $4,010 respectively. Most of the 2007 interest income was on restricted cash bond funds.  Interest Expense  Interest expense for the quarters ended September 30, 2007 and 2006 was $528,276 and $4 respectively. The 2007 expense was for interest accrued on the bonds and the YA Global debenture.  Gain on Embedded Derivative Liability  The Company recognized a gain of $410,206 on the embedded derivative liability for the quarter ended September 30, 2007.  Net Loss  For the three months ended September 30, 2007 and 2006, the Company had net losses of ($695,694) and ($295,894) respectively. The change is due to start-up plant operating costs without corresponding revenue and increased interest expense.   MANAGEMENT'S PLAN OF OPERATION  In the past, providing engineering and technical services has been the primary source of revenue.  The Company expects to continue providing such services in the future, but with a shift in emphasis toward providing consulting services to 3rd party developers of biofuels projects.  In fiscal year 2007, the Company will expand its efforts to become a significant producer and distributor of biogas products and a facilities service provider. The following discussion provides an overview of our progress in making the transition.  The fundamental aspects of the Company's business model are:  ·
Utilize cutting edge, but established, technology for the production of biogas from large animal operations;·
Maintain equity positions in biogas projects;·
Begin operations in known territory (Idaho), and expand into other western states as resources permit;·
Maximize the utilization of our public company status in the financing of our projects;·
Market biogas products to local gas utilities, industrial users, and transportation users;·
Team with experienced companies for the marketing and distribution of biogas products.    11   DEVELOPMENT PLAN  The Company will design, construct, own (and in select situations, co-own), and operate production facilities consistent with the business model described above.  The centerpiece of this development plan is digestion technology that produces biogas with a higher concentration of methane than competing processes.  This technology has a successful 7-year operational history and has been demonstrated with both cow and swine waste.  Our goal is to become the premier biogas company in the United States.  Our approach is to use superior technology and know-how to convert manure waste from dairy and feedlot operations into high BTU biogas and high quality horticultural-grade fiber.  The biogas is further processed to produce (1) pipeline quality gas for sale to a gas utility or a marketing and distribution company; (2) combustion gas to fuel boilers for processing materials; (3) liquid natural gas for transportation fuel, peaking, and/or remote community service; and, eventually, (4) hydrogen to energize fuel cells for transportation and distributed or non-distributed energy sources.  Our range of services include:  · designing, building, and operating biofuels facilities; · performing value-added processing of raw biogas and residual products of digestion for various applications; · marketing, transportation and sales of those co-products.  The Rupert plant recently underwent a 5-fold expansion to accommodate a corresponding expansion of the diary upon which it is located and has been designed with special features that allow it to serve as a test platform for the Company to continue its research and development activities.  The gas from both plants is under contract for sale to the local gas utility via a 15-year Supply and Purchase Agreement.  A small portion of the gas is used on-site for plant process heating and for heating water for dairy operations.  The Development Plan involves discrete projects that will ultimately bring 250,000 Magic Valley dairy cows under production to create the Magic Valley Biogas Field in the Magic Valley area of south-central Idaho.  The first project is essentially complete with the two plants described above.  The total combined capital investment for this first phase of the project was $10 million and was financed via a combination of 50% debt (tax-exempt municipal revenue bond) and 50% equity (public shareholder).  The second phase of the project will be phased and ultimately involve 60,000 cows.  Future projects will be financed through a combination of debt and equity.  As with our first project, we anticipate that the debt portion will be financed through the sale of bonds.  The equity will come from equity partners that will include dairymen, equity capital group(s), or other private investors and from retained earnings generated through building biogas plants for third parties.  These funds will provide for anaerobic digester plants constructed at participating dairies, gas conditioning clean-up equipment for processing the raw biogas to pipeline quality standards, and a supporting gas line gathering system to transport the clean gas to the gas utility distribution system.  A majority of the costs (approximately 70%) is for construction of the digesters.  Additional Information  The Company plans to increase sales and expand its engineering and scientific services into the biofuels area.   Revenue generated will be used to meet cash flow requirements with any excess being used to support and develop the Companys biofuels production initiatives.  At the present time the Company does not anticipate paying dividends, cash or otherwise, on its Common Stock in the foreseeable future. Future dividends will depend on earnings, if any, of the Company, its financial requirements and other factors.  The Company believes that the terms of the Settlement Agreement relative to divestiture of its mining and mineral rights of the Garnett mine in Montana have the potential to provide moderate future working capital. The Company was able to successfully obtain bond financing under a State of Idaho approved bond inducement resolution during the past year; conclusively demonstrating its ability to attract outside investment capital.  The Company continues to seek other investment capital to support future projects and the existing and ongoing Company operations.   12    CAPITAL RESOURCES AND LIQUIDITY  As the Company expands into the biofuels business, it will face continuing challenges to finance growth.  This is particularly true of further development of the Magic Valley bio-gas field.  In addition to capital expenditures for the first two digester facilities, financing resources are needed to support operations.  The Company has made reasonable efforts to meet cash flow demands from ongoing operations but the Company may not always be able to obtain sufficient funds to satisfy the Companys working capital or other capital needs.  The Company finished the quarter ended September 30, 2007 with available cash of $491,788 and restricted cash of $1,413,328 compared to available cash of $1,414,831 and restricted cash of $1,767,290 at June 30, 2007.  The Company believes that it will be necessary to continue to supplement the cash flow from operations with the use of outside resources such as investment capital by issuance of debenture notes and stock.  The Company plans to use any additional funding to cover operating and developments costs.  As of September 30, 2007, the Company had negative working capital of ($1,578,532) and a current ratio of .43:1 compared to a deficit of ($11,269) and a current ratio of .99:1 as of June 30, 2007.  During the three months ended September 30, 2007, the Company used net cash of $296,199 for operating activities compared to $189,302 of net cash used in operating activities for the 2006 period.  During the three months ended September 30, 2007, the Company used $874,156 in investing activities, primarily in biogas generating facility construction costs, compared to $487,455 used in the prior year period.  During the three months ended September 30, 2007, financing activities used $106,650 in net cash compared to $195,886 provided during the quarter ended September 30, 2006.  Seasonal Changes.  The Companys operating revenue is generally not affected by seasonal changes.   RECENT ACCOUNTING PRONOUNCEMENTS  In June 2006, the FASB issued FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes-an interpretation of FASB Statement No. 109 (FIN 48), which clarifies the accounting for uncertainty in tax positions. Under FIN 48, the tax effects of a position should be recognized only if it is more-likely-than-not to be sustained based solely on its technical merits as of the reporting date. FIN 48 also requires significant new annual disclosures in the notes to the financial statements. The effect of adjustments at adoption should be recorded directly to beginning retained earnings in the period of adoption and reported as a change in accounting principle. Retroactive application is prohibited under FIN 48.  As of July 1, 2007, we adopted FIN48. In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements (SFAS No. 157), which defines fair value, establishes guidelines for measuring fair value and expands disclosure regarding fair value measurements. SFAS No. 157 does not require new fair value measurements but rather eliminates inconsistencies in guidance found in various prior accounting pronouncements. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, on a prospective basis. The Company does not expect the adoption of SFAS No. 157 to have a material effect on our financial statements.  In September 2006, the Securities and Exchange Commission issued Staff Accounting Bulletin (SAB) No. 108, Financial Statements  Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. SAB No. 108 provides interpretive guidance on how the effects of prior-year uncorrected misstatements should be considered when quantifying misstatements in the current year financial statements. SAB No. 108 requires registrants to quantify misstatements using both the income statement and balance sheet approach and evaluate whether either approach results in a misstatement that, when all relevant quantitative and qualitative factors are considered, is material. SAB No. 108 is effective for years ending after November 15, 2006, and the impact of adoption had no effect on the Companys consolidated financial statements.    13   RISK FACTORS  The Companys current and primary focus is obtaining permits and developing favorable properties for alternative and renewable energy production, and providing the associated engineering design and construction management services required to support the construction and operation of related facilities, and cannot provide any guarantees of profitability at this time.  The Company will continue to expand its engineering services base, work for others to generate additional revenue to augment working capital requirements in support of its alternative and renewable energy efforts.  The realization of profits is dependent upon successful execution of new business opportunities and the development of prototype digester models and implementation of the digester project for renewable energy.  The Company is dependent upon inducing larger companies or private investors to purchase these turn-key alternative renewable energy generation and production facilities.  These projects when developed and depending on their success will be the future of the Company.  The Company may not be successful in these efforts.  Our operating results are difficult to predict in advance and may fluctuate significantly, and a failure to meet the expectations of analysts or our stockholders would likely result in a substantial decline in our stock price.  Factors that are likely to cause our results to fluctuate include the following:  · the gain or loss of significant customers or significant changes in engineering services market; · the amount and timing of our operating expenses and capital expenditures; · the success or failure of the biofuels projects currently underway; · the timing, rescheduling or cancellation of engineering customers work orders; · our ability to develop, complete, introduce and market biofuels and bring them to volume production in a timely manner; · the rate of adoption and acceptance of new industry standards in our target markets; · any other unforeseen activities or issues.  There is a limited public market for our common stock. Our common stock is listed on the OTC Bulletin Board, and there is a limited volume of sales, thus providing a limited liquidity into the market for our shares. As a result of the foregoing, stockholders may be unable to liquidate their shares.  We are subject to various risks associated with the development of the biofuels and alternative energy market place and if we do not succeed our business will be adversely affected.  Our success will largely depend on our ability to develop and implement the anaerobic digester biogas projects and generate energy and gas for sale.  We will respond to technological advances and emerging industry standards and practices on a timely and cost-effective basis. However, we cannot predict if we will be effective or succeed in the development of the biofuels and renewable energy markets.  If we are unable for technical, legal, financial, or other reasons, to adapt in a timely manner to develop and operate in the biofuels market, our business, results of operations and financial condition could be materially adversely affected.  If needed, we may not be able to raise further financing, or it may only be available on terms unfavorable to us or to our stockholders.  Available cash resources may not be sufficient to meet our anticipated working capital and capital expenditure requirements if the biogas facility(ies) does(do) not produce revenue for at least 12 months. It may become necessary to raise additional funds to respond to business contingencies, which could include the need to:  · fund additional project expansion for the biofuels production; · fund additional marketing expenditures; · develop additional biofuels projects; · enhance our operating infrastructure; · hire additional personnel; · acquire other complementary businesses or technologies.    14   If we raise additional funds through the issuance of equity or convertible debt securities, the ownership of our current stockholders would be diluted, and these newly issued securities might have rights, preferences or privileges senior to those of existing stockholders. Additional financing might not be available on terms favorable to us, or at all. If adequate funds were not available or were not available on acceptable terms, our ability to fund our operations, take advantage of unanticipated opportunities, develop or enhance our products or otherwise respond to competitive pressures would be significantly limited.   ITEM 3.  CONTROLS AND PROCEDURES  (a) Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-14(c) promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act), as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed in our filings under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and to ensure that information required to be disclosed by us in the reports we file or submit under the Securities and Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosures.  (b) There have been no changes (including corrective actions with regard to significant deficiencies or material weaknesses) in our internal controls over financial reporting during the last fiscal year that have has materially affected or could materially affect these internal controls over financial reporting.     15   PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS. None.  ITEM 2. CHANGES IN SECURITIES. None.  ITEM 3. DEFAULTS UPON SENIOR SECURITIES. None.  ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. None.   ITEM 5. OTHER INFORMATION. None  ITEM 6. EXHIBITS  Exhibit No.DescriptionIncorporated by Reference from Registrant's31.1Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer31.2Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer by Vice-President, Secretary and Treasurer32Certification pursuant to 18 U.S.C. SECTION 1350by Chairman and Chief Executive Officer and Vice-President, Secretary and TreasurerAnnual report for year end June 30, 2007Form 10-KSB September 21, 2007Pre-effective amendment #2 to SB-2 registration filing with YA Global Investments, L.P.Form SB-2/A October 2, 2007Notice of Effectiveness pre-effective amendment #2 to SB-2 registration filing with YA Global Investments, L.P.Form EFFECT October 16, 2007Entry into a material definitive agreement with YA Global Investments, L.P.Form 8-K October 16, 2007ProspectusForm 424B3 October 16, 2007Preliminary 14A Proxy StatementForm Pre14A October 19, 2007Definitive 14A Proxy StatementForm Def 14A October 30, 2007Appointment of a new director to the boardForm 8-K November 6, 2007Resignation of CEOForm 8-K November 7, 2007   16   SIGNATURES  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  INTREPID TECHNOLOGY & RESOURCES, INC.(Registrant)Date: November 12, 2007By:  /s/ Dr. Jacob D. Dustin,President  &
Acting Chief Financial OfficerDate: November 12, 2007By:  /s/ Bradley J. Frazee,Vice President & Secretary    17